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First-Time Homeownership Loan Program: a change in Woodbury

SPAAR - 04/08/2024

The Woodbury HRA has increased its maximum purchase price for the First-Time Homeownership Loan Program from $419,000 to $441,000. This change reflects the current median home value in Woodbury as determined by the Washington County Assessor.

As many of you already know, the Minnesota Legislature created two new First-Generation Homebuyer Programs set to begin in 2024. One program will be administered by MHFA and the second will be administered by Midwest Minnesota Community Development Corp. These programs will not have geographic restrictions other than the home must be located in Minnesota. Both programs will be deferred principal, zero-interest loans, and have the possibility for the principal balance to be fully forgiven.

Woodbury’s First-Generation Homeownership Loan Program will remain active alongside the state programs. The Woodbury program is also a zero-interest deferred principal loan but is not forgivable. There are more stringent eligibility requirements for the state funded programs, so if you have a higher income buyer or a buyer not utilizing an MHFA Start Up Loan product the Woodbury First-Generation program may be a fit.

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